United Microelectronics Corporation (2303) Fair Value & Analysis
Technology · TW · Market cap 1.8T TWD (≈ $56.9B) · ISIN TW0002303005
What is United Microelectronics Corporation really worth?
A solid business, but trading 75% above our fair value of 74.41 TWD.
Strengths
Risks
For context
Fair value as of: Aug 29, 2026
From 25 valuation models · updated 7 days ago
Share price +6.6% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (100.93 TWD). The favourable scenario is already priced in.
- Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (51.20 TWD to 100.93 TWD) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 29, 2026.
How to read this chart
60‑month range 28.84 TWD – 175.50 TWD · fair‑value band 51.20 TWD – 100.93 TWD · the 130.00 TWD price screens above the 74.41 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 29, 2026.
Analysis
United Microelectronics Corporation (2303) currently trades at 130.00 TWD, while our model-based Fair Value estimate is 74.41 TWD, implying the stock looks roughly 74.7% overvalued today. The Quality Score stands at 63/100 (solid quality), in the Technology sector. Bull case: the DCF Models group reads highest at a median of 77.63 TWD per share, and 2 of the 25 models we run sit above the 130.00 TWD price. Bear case: the Asset-Based group reads lowest at 20.28 TWD, and 23 of the 25 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, United Microelectronics Corporation generated revenue of 241B TWD at a net margin of 20.8%. Revenue grew 5.5% year over year. It earns a return on equity of 12.5%. The balance sheet holds a net cash position of 50.9B TWD. Fundamentals as of Aug 29, 2026
Our scenario range runs from 51.20 TWD (bear case) to 100.93 TWD (bull case); at 130.00 TWD, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 16% below its 52-week high and 224% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at −59% fair-value upside, at −43%, 2303 screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 0.9136 TWD per share, which is 1.2 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 25 models by family
Widest divergence: DCF Models (77.63 TWD) versus Asset-Based (20.28 TWD). Highest evidence: FCF DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 29, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 65 · Market factors (momentum, volatility) 61
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
United Microelectronics Corporation operates as a semiconductor wafer foundry in Taiwan, China, Hong Kong, Japan, Korea, the United States, Europe, and internationally. It manufactures and sells integrated circuits.
Full company description
United Microelectronics Corporation operates as a semiconductor wafer foundry in Taiwan, China, Hong Kong, Japan, Korea, the United States, Europe, and internationally. It manufactures and sells integrated circuits. The company offers circuit design; mask tooling; wafer fabrication; and assembly and testing services for communication devices, consumer electronics, computer, and other applications. It also provides venture capital and marketing support; consulting and planning; energy technical; solar engineering integrated design; research and development services; and insurance services. United Microelectronics Corporation was incorporated in 1980 and is headquartered in Hsinchu City, Taiwan.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
United Microelectronics Corporation reported revenue of 238B TWD in FY2025 versus 213B TWD in FY2021, a compound +2.8%/yr. Reported net income was 41.7B TWD in FY2025, compounding −5.0%/yr from FY2021.
of which total revenue +5.4 % · buybacks/dilution +0.6 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
2303 screens 75% overvalued. Compare with NVIDIA Corporation →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- The Zacks Analyst Blog Highlights Apple, United Microelectronics, NTT and UBS
- United Microelectronics Q2 Earnings Call Highlights AI Expansion Plans
- United Microelectronics Q2 Earnings Beat Estimates, Revenues Rise Y/Y
- United Microelectronics Corp (UMC) Q2 2026 Earnings Call Highlights: Strong Revenue Growth Amid ...
Peer Group
Semiconductors · 325 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Semiconductors median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Semiconductors stocks, each showing price versus our Fair Value estimate (as of Aug 29, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| NVIDIA Corporation NVDA | $227.98 | $98.98 | −57% |
| Taiwan Semiconductor Manufacturing Company TSM | $427.30 | $296.10 | −31% |
| Broadcom Inc AVGO | $371.54 | $118.27 | −68% |
| SK hynix Inc 000660 | 1,647,000 KRW | 1,481,291 KRW | −10% |
| Micron Technology, Inc MU | $932.86 | $148.38 | −84% |
| Advanced Micro Devices, Inc AMD | $476.67 | $55.02 | −88% |
| Intel Corporation INTC | $92.09 | $35.41 | −62% |
| Texas Instruments Incorporated TXN | $266.54 | $78.54 | −71% |
| QUALCOMM Incorporated QCOM | $164.78 | $147.20 | −11% |
| MediaTek Inc 2454 | 3,845 TWD | 1,559 TWD | −59% |
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